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Goldman Sachs consumption tax. See company-specific disclosures as to any applicable disclosures required by Japanese stock exchanges, the Japanese Securities Dealers Association or the Japanese Securities Finance Company. Ratings, coverage universe and related definitions Buy (B), Neutral (N), Sell (S) Analysts recommend stocks as Buys or Sells for inclusion on various regional Investment Lists. Being assigned a Buy or Sell on an Investment List is determined by a stocks k that is not Rating Suspended, Not Rated, Coverage total return potential relative to its coverage universe. Any stock not assigned as a Buy or a Sell on an Investment List with an active rating (i.e., a stoc estment recommendations focused on the size of the Suspended or Not Covered), is deemed Neutral. Each regions Investment Review Committee manages Regional Conviction lists, which represent inv al of stocks from such Conviction lists do not represent a change in total return potential and/or the likelihood of the realization of the return across their respective areas of coverage. The addition or remov the analysts investment rating for such stocks. xpected during the time horiz Total return potential represents the upside or downside differential between the current share price and the price target, including all paid or anticipated dividends, e on associated with the price target. Price targets are required for all covered stocks. The total return potential, price target and associated time horizon are stated in each report adding or reiterating an Investment List membership. . Coverage Universe: A list of all stocks in each coverage universe is available by primary analyst, stock and coverage universe at https://www.gs.com/research/hedge.html Not Rated (NR). The investment rating, target price and earnings estimates (where relevant) have been suspended pursuant to Goldman Sachs policy when Goldman Sachs is acting in an advisory  involvement in a transaction, and in certain other capacity in a merger or in a strategic transaction involving this company, when there are legal, regulatory or policy constraints due to Goldman Sachs or determining circumstances. Rating Suspended (RS). Goldman Sachs Research has suspended the investment rating and price target for this stock, because there is not a sufficient fundamental basis f an investment rating or target price. The previous investment rating and target price, if any, are no longer in effect for this stock and should not be relied upon. Coverage Suspended (CS). Goldman Sachs has suspended coverage of this company. Not Covered (NC). Goldman Sachs does not cover this company. Not Available or Not Applicable (NA). The information is not available for display or is not applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded. Global product; distributing entities The Global Investment Research Division of Goldman Sachs produces and distributes research products for clients of Goldman Sachs on a global basis. Analysts based in Goldman Sachs offices around the This research is disseminated in Australia by Goldman Sachs world produce research on industries and companies, and research on macroeconomics, currencies, commodities and portfolio strategy. Australia Pty Ltd (ABN 21 006 797 897); in Brazil by Goldman Sachs do Brasil Corretora de Títulos e Valores Mobiliários S.A.; Public Communication Channel Goldman Sachs Brazil: 0800 727 5764 and / or [email protected]. Available Weekdays (except holidays), from 9am to 6pm. 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(Company Number: 198602165W); and in the United States of International has approved this research in connection with its distribution in the United Kingdom. ollowing information with respect to distributing entities will apply: Effective from the date of the United Kingdoms departure from the European Union and the European Economic Area (“Brexit Day”) the f uthority (“FCA”) and the PRA, has approved this research in Goldman Sachs International (“GSI”), authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct A connection with its distribution in the United Kingdom. Area: the Grand Duchy of European Economic Area: GSI, authorised by the PRA and regulated by the FCA and the PRA, disseminates research in the following jurisdictions within the European Economic us and the Republic of Ireland; GS -Succursale de Paris (Paris Luxembourg, Italy, the Kingdom of Belgium, the Kingdom of Denmark, the Kingdom of Norway, the Republic of Finland, the Republic of Cypr Autorité de contrôle prudentiel et de resolution and the branch) which, from Brexit Day, will be authorised by the French Autorité de contrôle prudentiel et de resolution (“ACPR”) and regulated by the Valores disseminates Autorité des marches financiers (“AMF”) disseminates research in France; GSI - Sucursal en España (Madrid branch) authorized in Spain by the Comisión Nacional del Mercado de research in the Kingdom of Spain; GSI - Sweden Bankfilial (Stockholm branch) is authorized by the SFSA as a “third country branch” in accordance with Chapter 4, Section 4 of the Swedish Securities and y Market Act (Sw. lag (2007:528) om värdepappersmarknaden) disseminates research in the Kingdom of Sweden; Goldman Sachs Bank Europe SE (“GSBE”) is a credit institution incorporated in German y German Federal Financial Supervisory Authority and, within the Single Supervisory Mechanism, subject to direct prudential supervision by the European Central Bank and in other respects supervised b (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and Deutsche Bundesbank and disseminates research in the Federal Republic of Germany and those jurisdictions within the European Economic y the Danish Financial Authority disseminates research in the Area where GSI is not authorised to disseminate research and additionally, GSBE, Copenhagen Branch filial af GSBE, Tyskland, supervised b Kingdom of Denmark; GSBE - Sucursal en España (Madrid branch) subject (to a limited extent) to local supervision by the Bank of Spain disseminates research in the Kingdom of Spain; GSBE - Succursale change Commission (Commissione Nazionale per le Italia (Milan branch) to the relevant applicable extent, subject to local supervision by the Bank of Italy (Banca dItalia) and the Italian Companies and Ex ACPR disseminates research in France; and GSBE - Sweden Società e la Borsa “Consob”) disseminates research in Italy; GSBE - Succursale de Paris (Paris branch), supervised by the AMF and by the weden. Bankfilial (Stockholm branch), to a limited extent, subject to local supervision by the Swedish Financial Supervisory Authority (Finansinpektionen) disseminates research in the Kingdom of S General disclosures This research is for our clients only. Other than disclosures relating to Goldman Sachs, this research is based on current public information that we consider reliable, but we do not represent it is accurate or We seek complete, and it should not be relied on as such. The information, opinions, estimates and forecasts contained herein are as of the date hereof and are subject to change without prior notification. to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analysts judgment. ve investment banking and other business relationships with a Goldman Sachs conducts a global full-service, integrated investment banking, investment management, and brokerage business. We ha er dealer, is a member of SIPC (https://www.sipc.org). substantial percentage of the companies covered by our Global Investment Research Division. Goldman Sachs & Co. LLC, the United States brok

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